One of Nigeria’s richest people, billionaire oil tycoon Femi Otedola, has owed the Nigerian National Petroleum Corporation (NNPC) $16 million, SaharaReporters has learned.

Mr. Otedola, who in 2014 was listed by Forbes magazine as Africa’s 29th richest people, with a networth of $900 million, had since 2004 owed $16 million to the Pipelines and Product Marketing Company (PPMC), a subsidiary of the NNPC, according to sources who exposed the debt. Mr. Otedola, who owns Zenon Oil, Forte Oil PLC as well as other businesses, accumulated the $16 million debt between 2004 and 2008.

Our sources disclosed that the debt arose from several products lifted by Mr. Otedola’s companies from the PPMC. The companies include Zenon Oil and Fineshade Energy Company Limited.

Mr. Otedola has ignored several appeals by the PPMC to pay off the debt, according to documents obtained by SaharaReporters.

“He has not responded with good faith to many appeals we have made to settle what his companies owe to the PPMC,” said one of our sources.

The source added that the agency could not pursue the debt matter aggressively because Mr. Otedola was a regular guest of former President Goodluck Jonathan at Aso Rock. In what signaled his stature as an insider within the Jonathan Presidency, Mr. Otedola received a nomination from the erstwhile president to be a member of the National Economic Council.

In June 2014, Forbes magazine reported that Mr. Otedola became richer by a whopping $398 million dollars in ninety days after the shares of Forte Oil surged 167%. He was part of a tiny group of Nigerian businessmen and women favored by former President Olusegun Obasanjo in a series of shady deals, often involving questionable transfers of public assets.


Source: http://saharareporters.com/2015/09/08/nigerian-billionaire-oil-tycoon-femi-otedola-owes-national-oil-company-16-million-refuses

The source added that the agency could not pursue the debt matter aggressively because Mr. Otedola was a regular guest of former President Goodluck Jonathan at Aso Rock. In what signaled his stature as an insider within the Jonathan Presidency, Mr. Otedola received a nomination from the erstwhile president to be a member of the National Economic Council

Refuse?, he doesn't have that power.

He didn't refuse, he was encouraged not to pay by the hero of stealing is not corruption association!!!

Under that deceptive humble mien of his beats the heart of a destructive & evil Apa (yoruba for spendthrift) who mortgages everything for his own selfish end!!!

Thank God for showing this nation mercy, Nigeria would have been in the same league as zimbabwe if PDP hadn't been ousted!!

This is undiluted corruption at highest order. This is one of the criminals that are dragging this country backward. It is only in Nigeria that we call a criminal tycoon, I wish Nigeria can adopt some of Chinese severe law to fight corruption and in-discipline for the betterment of our country.
Dear General Sanni Abacha, continue to rest in perfect peace. Otedola was among the criminals that fled Nigeria shore during your era, we thought you were wicked then chasing all the criminals away, we never knew it is favor you're doing to the masses until OBJ came back in Power and hand-over our economy to the criminals. Buhari I urge you to try your best and get back our country from the hand of the cabals.

This is how yoruba people killed Nigeria Airways, Nigerdock, Kingsway Stores, et al

We know he's an unrepentant debtor and one of the subsidy thieves holding Nigeria to ransom.

Oga pay ooh.. .... hmm buhari no be Jonathan ooh

Bros I beg pay up now oooo. Transformation agenda don end oooo. Change agenda and zero tolerance to corruption is here oooo. Stealing is now corruption oooo. Remember that Farouk lawal don comot oooo.

I used to like this man until a nairaland bigot says he's richer than every igbo man in the world combined...so, rich yoruba man is owing? Oya na..pay up oga before cbn comes for you

Mr man pay dem joh!

This is how wicked people are, he can afford the money without stress but chose not to pay, well he would soon pay whether he likes it or not because this is change era and not some stupid transformation

€16 million kwa? odikwa too much oh

As I don't have friends and families to wish me happy birthday as most of them will forget.

I have decided to wish myself a HAPPY BIRTHDAY!!!


Sept 9 pikin

If these same set of people are given the marketing license of crudes then we've not conquered scarcity.



See him head oni gbese.



May God make me be like you so i can owe ur kind of debt. Amin

BuddahMonk:
This is how yoruba people killed Nigeria Airways, Nigerdock, Kingsway Stores, et al

bastard son of a thousand fathers. You don't ve anything to say abt GEJ and ur brothers rit

shidof:
bastard son of a thousand fathers. You don't ve anything to say abt GEJ and ur brothers rit

What is GEJ, a name of animal, place or thing

Thk God, a new sheriff is in town and stealing is now corruption. By fire, by force he must return dt money cos it's not his family's property

BuddahMonk:


What is GEJ, a name of animal, place or thing

Go and ask from ur cohort

he is drunk,he should not pay it at all when he was spending it he did not think of how he would return it

sekzy99:
As I don't have friends and families to wish me happy birthday as most of them will forget.

I have decided to wish myself a HAPPY BIRTHDAY!!!


Sept 9 pikin

api birthday bro.wullnp

we kw ppl who made genuine money from hard work not lazy billionaires stealing from govt

maybe i can collect what he owes me from his daughter DJ Cuppy